Vanguard Utilities ETF (VPU) Valuation
VPU valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.4 trailing earnings
- Forward P/E
- 15.3 analyst estimates
- Price / sales
- 2.71
- Price / book
- 2.05
- EV / EBITDA
- 12.1
- Earnings yield
- 5.17% inverse of P/E
- Dividend yield
- 3.00% of the holdings
- Return on equity
- 10.6% combined
- Net margin
- 14.0% combined
- Beta
- 0.58 weighted, vs S&P 500
VPU valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VPU | 19.4 | 15.3 | 2.71 | 2.05 | 3.00% | 10.6% | 14.0% | 1.3% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
VPU valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Utilities | 98.4% | 19.4 | 15.4 | 2.71 | 2.05 | 3.00% | 10.6% |
| Energy | 0.5% | 11.1 | 9.8 | 3.02 | 1.90 | 2.78% | 17.1% |
| Industrials | 0.2% | 25.2 | 16.9 | 3.05 | 2.13 | 2.34% | 8.4% |
VPU earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How VPU weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VPU largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NEE | NextEra Energy, Inc. | 11.84% | 17.9 | 17.7 | 5.8 | 3.12% | 12.98% |
| SO | The Southern Company | 6.47% | 22.0 | 17.0 | 3.5 | 3.33% | 5.79% |
| DUK | Duke Energy Corporation | 6.12% | 18.3 | 15.9 | 2.9 | 3.57% | 6.57% |
| CEG | Constellation Energy Corporation | 5.67% | 26.5 | 20.7 | 3.1 | 0.63% | 4.20% |
| AEP | American Electric Power Company, Inc. | 4.78% | 22.0 | 17.2 | 3.0 | 2.99% | 4.27% |
| D | Dominion Energy, Inc. | 3.86% | 22.0 | 15.9 | 3.1 | 4.20% | 3.45% |
| SRE | Sempra | 3.66% | 24.1 | 14.5 | 4.0 | 3.15% | 2.99% |
| XEL | Xcel Energy Inc. | 3.32% | 20.9 | 16.0 | 3.3 | 3.11% | 3.12% |
| ETR | Entergy Corporation | 3.30% | 26.9 | 19.6 | 3.7 | 2.44% | 2.41% |
| VST | Vistra Corp. | 3.29% | 25.6 | 13.3 | 2.7 | 0.61% | 2.52% |
| EXC | Exelon Corporation | 2.96% | 16.0 | 13.7 | 1.8 | 3.86% | 3.64% |
| ED | Consolidated Edison, Inc. | 2.78% | 18.2 | 16.1 | 2.3 | 3.16% | 3.00% |
| WEC | WEC Energy Group, Inc. | 2.37% | 21.1 | 16.9 | 3.5 | 3.50% | 2.21% |
| PEG | Public Service Enterprise Group Incorporated | 2.33% | 17.8 | 15.0 | 2.8 | 3.75% | 2.58% |
| AEE | Ameren Corporation | 2.05% | 18.7 | 17.5 | 3.5 | 2.83% | 2.16% |
| PCG | PG&E Corporation | 1.99% | 9.5 | 6.9 | 1.5 | 1.53% | 4.13% |
| DTE | DTE Energy Company | 1.88% | 20.6 | 15.6 | 1.6 | 3.59% | 1.79% |
| ATO | Atmos Energy Corporation | 1.84% | 19.9 | 17.6 | 5.7 | 2.39% | 1.81% |
| AWK | American Water Works Company, Inc. | 1.79% | 23.4 | 20.0 | 5.1 | 2.65% | 1.51% |
| CNP | CenterPoint Energy, Inc. | 1.76% | 24.0 | 17.7 | 2.8 | 2.37% | 1.44% |
| ES | Eversource Energy | 1.75% | 17.3 | 13.3 | 1.8 | 4.71% | 1.98% |
| FE | FirstEnergy Corp. | 1.73% | 24.6 | 14.7 | 1.7 | 4.03% | 1.38% |
| PPL | PPL Corporation | 1.71% | 20.8 | 15.4 | 2.8 | 3.24% | 1.62% |
| EIX | Edison International | 1.52% | 5.8 | 8.2 | 1.1 | 6.28% | 5.17% |
| CMS | CMS Energy Corporation | 1.47% | 20.6 | 15.2 | 2.4 | 3.32% | 1.40% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About VPU valuation
Adding up its 65 holdings with company data, VPU trades at 19.4 times trailing earnings and 15.3 times analysts' forward estimates, with a price-to-book ratio of 2.05 and a dividend yield of 3.00%. Its earnings yield of 5.17% is 0.16 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.3% of the fund and earn 48.3% of its combined profit. By sector, Industrials is the most expensive at 25.2 times earnings and Energy the cheapest at 11.1. Companies that lost money over the past year are 1.3% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VPU chart, VPU performance, VPU holdings, VPU dividends.
VPU valuation FAQ
What is the P/E ratio of VPU?
Based on its holdings, VPU has a trailing P/E of 19.4 and a forward P/E of 15.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VPU?
The trailing earnings yield is 5.17% (1 ÷ P/E) and the forward earnings yield 6.53%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VPU more expensive than the S&P 500?
VPU trades at 19.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.3 and 19.9.
What is the price-to-book ratio of VPU?
The holdings of VPU trade at 2.05 times book value, with a combined return on equity of 10.6%.
Which sector in VPU has the highest P/E?
Industrials has the highest P/E at 25.2 and Energy the lowest at 11.1.